Q3 2026 Results: Air Liquide accelerates, driven by sales growth and the launch of its strategic plan

• Sales growth, driven notably by growth in Electronics and Industrial Merchant
• Record investments since the beginning of 2026, strengthening a record backlog
• Execution of the first €1 billion share buyback tranche by the end of 2026
• 2026 and 2027 outlook confirmed

Commenting on sales in the 3^rd quarter of 2026, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:

“On October 5th, with the unveiling of BEYOND, our strategic plan through 2030, we opened a new chapter. Our ambition is clear: reach the next frontier in lasting value creation by accelerating operational performance, capturing all profitable growth opportunities, and evolving our capital allocation program to boost shareholder returns.

BEYOND is already being implemented by our teams worldwide. Our third quarter is a perfect illustration, delivering robust performance driven by the momentum of our sales and investments in growth markets. As a reflection of our deep conviction in our strategic roadmap and our commitment to accelerating performance, we are announcing today the launch of the first €1 billion tranche of our share buyback program, to be completed by the end of December.

Reaching nearly €7.3 billion as of September 30, 2026, our revenue is up +4.3% excluding currency and energy impacts and +3% on a comparable basis. Gas & Services activities⁽¹⁾ grew by +3.6% on a comparable basis, particularly in Industrial Merchant, which rose +5%, confirming a steady growth since the beginning of the year. Electronics also acted as a key driver with a strong +12% increase, boosted by sustained semiconductors’ demand for AI, for which our carrier gases and advanced materials are essential. Geographically, Asia-Pacific and the Americas stood out, advancing by +7% and +6% respectively on a comparable basis. The key development this quarter is the acceleration of volume growth in Electronics and Industrial Merchant segments, going beyond positive pricing effects. While subject to fluctuations in this volatile environment, this is a very positive sign.

Concurrently, the Group continues to enhance its operational performance, achieving €441 million in efficiencies through the end of September. Our investments have reached new heights. Standing at €1.25 billion this quarter, investment decisions total more than €4.1 billion since the beginning of the year. Our investments in Electronics have almost doubled in just nine months compared to the full year 2025. This momentum propels our ongoing investments to an unprecedented level of €6.2 billion. »

Air Liquide is therefore confident in its ability to increase its operating margin by +100 basis points⁽²⁾ and to deliver recurring net profit growth, at constant exchange rates in 2026⁽³⁾.

The Group is also confident in its ability to improve its margin by +100 basis points⁽⁴⁾ in 2027. This brings its total objective to +560 basis points over the 2022-2027 period.”

Highlights

“BEYOND” STRATEGIC PLAN

Accelerating the Group’s lasting value creation with its new 2030 strategic plan. It embodies Air Liquide’s ambition to expand in the highest-potential markets and turn major global structural shifts into opportunities.

This ambition targets three key objectives:

• A compound annual growth rate (CAGR) of +10% (±2%) over the period in recurring net Earnings per Share⁽⁵⁾, ensuring ambitious and profitable growth ;
• A recurring ROCE⁽⁶⁾ above 11% in 2030, while maintaining a significant increase in industrial investments over the period, ensuring lasting value creation;
• And a confirmed environmental commitment, pursuing a 33% reduction in CO₂ emissions^{( 7 )} by 2035 compared to 2020, ensuring a sustained societal commitment.

In order to achieve the recurring EPS objective, three complementary levers will be flexibly deployed:

• A compound annual growth rate (CAGR) of +5% (±1%)⁽⁸⁾ over the period in sales, outpacing industrial production by a factor of 2 to 3,
• A margin improvement of +400 to +600 basis points over the period⁽⁹⁾,
• A capital allocation of over €40 billion over the period⁽¹⁰⁾, made possible by the increased profitability initiated during the ADVANCE plan. More than half of this will be dedicated to higher industrial investments, bolt-on and strategic acquisitions. In addition, a significantly higher return for both institutional and individual shareholders will be ensured by combining a sustained, regular dividend growth policy with the launch for the first time of a 4 billion euros share buyback program by the end of 2028⁽¹¹⁾.

Attention to all stakeholders - from customers to employees, shareholders to local communities - is reinforced with specific measures for each in the BEYOND plan, built on three pillars: Listen & Care, Growth, Performance.

CORPORATE

• Successful issuance of a €2 billion multi-tranche bond on the Euro market, very significantly oversubscribed by investors. This new transaction reflects investor confidence in the implementation of the BEYOND strategic plan for 2030. The funds raised will support the Group's capital allocation and drive the development of the activities in future growth markets.
• Creation of a research chair “Artificial Intelligence for chemistry and through chemistry” by Air Liquide, the Ecole normale supérieure (ENS-PSL) and the ENS Foundation.

ELECTRONICS

• Japan: To support market momentum in semiconductors and AI, more than €170 million invested to support a leading semiconductor manufacturer in the expansion of its manufacturing capabilities, notably an existing logic chip production facility. Air Liquide will build, own, and operate several production units to supply large volumes of ultra-pure gases.
• In the United States, the Group supports the expansion of its customers' sites. In Idaho, more than USD 150 million invested to build, own and operate a new industrial gas production plant. The plant will produce large volumes of essential gases to manufacture advanced memory chips to meet the surging demand for AI in the U.S. and global markets.
• And supporting SK hynix in Indiana, USA: Investment of more than USD 170 million to build, own and operate two new industrial gas production units. They will supply ultra-pure gases to SK hynix's first US site.

INDUSTRY & ENERGY TRANSITION

• Texas, United States of America: More than USD 200 million invested in a new low-carbon gas production facility to support the development of the chemical industry in this US state. Air Liquide is strengthening its production capacity at its long-standing partner Oxea's site in Bay City. 

Footnotes:

^[1] Representing over 97% of Air Liquide's revenue.

^[2] Excluding energy impact and the amortization of intangible assets recognized as part of Purchase Price Allocation following DIG Airgas acquisition.

^[3] Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring.

^[4] Excluding energy impact. See definitions in the appendix of the Capital Markets Day presentation available on the Air Liquide Group website.

^[5] Compound Annual Growth Rate (CAGR) of recurring net Earnings Per Share from year-end 2025 to year-end 2030 at 2025 exchange rates, see assumptions and new definitions in the appendix of the Capital Markets Day presentation available on the Air Liquide Group website.

^[6] Recurring ROCE excluding strategic acquisitions defined as presented at the Capital Markets Day, see definitions in the appendix of the Capital Markets Day presentation available on the Air Liquide Group website.

^[7] Reduction in Scope 1 and 2 CO₂ emissions compared to the 2020 baseline year, based on scenarios compatible with a 1.5°C trajectory.

^[8] This lever is calculated as a CAGR end of 2025 to end of 2030 at 2025 FX and Energy price; it includes the scope effect of acquisitions. See definitions in the appendix of the Capital Markets Day presentation available on the Air Liquide Group website.

^[9] This lever is calculated as the sum of yearly operating margin improvements at the energy price of the previous year, over the period 2026-2030. See definitions in the appendix of the Capital Markets Day presentation available on the Air Liquide Group website.

^[10] Sum of investments, acquisitions, dividends and shares buyback programs over the period 2026-2030; Includes bolt-on and DIG acquisitions but no other strategic acquisitions.

^[11] The Board of Directors has approved a €4 billion share buyback program through the end of 2028.